The Conference Board’s Chief Human Resources Officer (CHRO) Confidence Index has increased to 54 in the first quarter of the year, up from 53 in the previous quarter. This Index reflects a more positive outlook among CHROs, with retention and engagement expectations improving compared to last quarter. However, the survey indicates that concerns about labor shortages persist, as these metrics are down compared to this time last year.
Companies are ramping up efforts to address mental health issues affecting workers nationwide, with 42% of surveyed companies planning to offer new wellness benefits this year. The survey also shows that a significant percentage of CHROs believe that organizations are responsible for the well-being of their employees, with 36% stating that companies are indeed responsible, and 62% believing they are somewhat responsible.
Diana Scott, leader of the Conference Board US Human Capital Center, emphasizes the importance of taking a holistic approach to employee well-being, as it can enhance engagement, productivity, and talent retention. The quarterly Index, launched in 2023, includes components such as recruitment, retention, and engagement, as well as special questions on employee well-being.
In the first quarter of 2024, CHROs were also surveyed on employee well-being, with findings showing that a quarter of CHROs increased spending on employee well-being, while the majority maintained their wellness budgets. Additionally, almost half of CHROs plan to offer new wellness benefits, with a focus on initiatives related to physical and mental health, as well as financial well-being and conciliation.
Overall, the survey highlights the growing emphasis on employee well-being in organizations, as companies recognize the importance of supporting their workforce in a challenging labor market.